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[The following information applies to the questions displayed below.] The comparative financial statements prepared at December 31, 2015, for Prince Company showed the following summarized
[The following information applies to the questions displayed below.] The comparative financial statements prepared at December 31, 2015, for Prince Company showed the following summarized data:
2015 | 2014 | |
Income statement | ||
Sales Revenue | 190,900 | 167,300 |
Cost of goods sold | 113,000 | 102,000 |
Gross Profit | 77,900 | 65,300 |
Operating expenses and interest expense | 56,700 | 53,700 |
Pretax income | 21,200 | 11,600 |
Income Tax | 6,200 | 3,100 |
Net Income | 15,000 | 8,500 |
Balance Sheet | ||
Cash | 4,600 | 6,500 |
Accounts Receivable (net) | 15,300 | 16,900 |
Inventory | 40,300 | 32,600 |
Operational Assets (net) | 46,400 | 36,400 |
106,600 | 92,400 | |
Current liabilities (no interest) | 15,100 | 16,100 |
Long-term liabilites (10%interest) | 44,900 | 44,900 |
Common Stock (par $5) | 29,900 | 29,900 |
Retained Earnings | 16,700 | 1,500 |
106,600 | 92,400 | |
1 . | Present component percentages for 2015 only. Express answers in percentages % Income statement.
Balance Sheet
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